FOREX

FOREX (branded as FOREX嘉盛黄金) operates the website jiasheng24x7.com and claims to be an online forex and CFD broker. According to its website, the company was founded to serve retail traders worldwide, offering access to over 400 financial instruments. The broker states it has a large user base of over 200,000 active traders and has executed more than 300 million orders, highlighting fast execution speeds.

The broker's registration is listed in the United States, and it was established in February 2023. However, our records indicate that the broker does not hold any valid regulatory licence from a major financial regulator. The website itself claims regulation by the Cayman Islands Monetary Authority, but this has not been independently confirmed.

Regulatory status is a critical factor for any broker. FOREX claims on its website to be regulated by the Cayman Islands Monetary Authority, a common offshore regulator. However, FXCanary's internal records show no registered licence for this entity. The absence of a credible regulatory licence means traders have limited recourse in case of disputes. The broker's scam risk score is 85 out of 100, indicating a severe risk level.

Traders should exercise extreme caution when dealing with unregulated brokers. Without oversight from a reputable authority, there is no guarantee of fund segregation, transparent pricing, or fair treatment. We strongly advise verifying any regulatory claims directly with the stated regulator before depositing funds.

The broker offers three account types: Standard (SV), VIP, and ECN-0. The Standard account requires a minimum deposit of $200/€/£, offers spreads from 1.2 pips, and charges no commission. The VIP account requires a higher minimum deposit of $10,000/€/£ but offers tighter spreads from 0.6 pips, also with no commission. The ECN-0 account has spreads from 0.0 pips, a minimum deposit of $200/€/£, and charges a commission of $10 per lot on forex and $15 per lot on gold and silver.

These account types are designed to cater to different trading styles, from beginners to professional traders. The ECN account appeals to those seeking raw spreads with a commission-based pricing model. The broker also promotes a free demo account, educational materials, and social/copy trading features for novices.

The website mentions a user-friendly trading platform but does not specify the exact platform name (e.g., MetaTrader 4/5 or proprietary). It claims fast execution speeds of less than 0.1 seconds. The broker offers a range of instruments including forex, indices, commodities, and possibly more, totaling over 400 products.

Traders can access weekly market analysis videos and company news. The broker also highlights a partnership program, allowing clients to earn additional income by referring others. No specific information about mobile trading or web-based platforms is provided on the homepage.

The broker states on its website that the withdrawal process is 'simple and convenient,' but does not provide detailed information about payment methods, processing times, or fees. Typically, brokers offer bank transfers, credit/debit cards, and e-wallets, but these specifics are not mentioned on the site.

Given the lack of regulatory oversight, traders should be particularly cautious about the safety of their funds and the reliability of withdrawal requests. It is advisable to test the process with a small amount first or seek independent reviews before committing capital.